Text: H.R.3587 — 116th Congress (2019-2020)All Information (Except Text)

There is one version of the bill.

Text available as:

Shown Here:
Introduced in House (06/27/2019)


116th CONGRESS
1st Session
H. R. 3587


To amend the Internal Revenue Code of 1986 to modify the effective date for the modification to net operating loss deductions in Public Law 115–97.


IN THE HOUSE OF REPRESENTATIVES

June 27, 2019

Mr. Schweikert (for himself, Mr. Brendan F. Boyle of Pennsylvania, and Mrs. Fletcher) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to modify the effective date for the modification to net operating loss deductions in Public Law 115–97.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Modification of effective date of modifications to net operating loss deductions.

(a) In general.—Section 13302(e)(2) of Public Law 115–97 is amended by striking “ending” and inserting “beginning”.

(b) Extension of deadline for filing application for tentative carryback adjustments.—In the case of a net operating loss carryback of a net operating loss arising in a taxable year beginning before January 1, 2018, and ending after December 31, 2017, an application under section 6411(a) shall not fail to be treated as timely filed if filed not later than the date which is 120 days after the date of the enactment of this Act.

(c) Effective date.—

(1) IN GENERAL.—Except as otherwise provided in this subsection, the amendment made by this section shall take effect as if included in section 13302 of Public Law 115–97.

(2) ELECTIVE APPLICATION.—The amendment made by this section shall apply only if the taxpayer elects (at such time and in such manner as the Secretary, or the Secretary’s delegate, may provide) the application of this section.


Share This